Evolent Health reported first-quarter 2026 revenue of $496.2 million, up 2.6% from $483.6 million a year earlier.
Net loss attributable to common shareholders narrowed sharply to $26.6 million from $72.3 million in the prior-year quarter, improving by $45.6 million. The net loss margin also tightened to 5.4% from 14.9%.
Adjusted EBITDA fell to $22.1 million from $36.9 million, a decline of $14.8 million, and adjusted EBITDA margin slipped to 4.4% from 7.6%.
On the operating side, average lives on platform declined in several areas. Performance suite lives fell to 6,078 from 6,486. Specialty technology and services suite lives slipped to 76,101 from 77,079. Administrative services lives dropped to 1,118 from 1,213. Total cases decreased to 11 from 14, while average unique members fell to 38,903 from 40,628.
Average PMPM fees moved higher in performance suite, rising to $17.73 from $15.57. Administrative services revenue per case declined to $14.78 from $15.72, while specialty technology and services suite revenue per case edged down to $0.35 from $0.36. Cases revenue per case increased to $3,772 from $2,947.
Medical expense ratio rose to 93.3% from 68.0%. Excluding Evolent Care Partners, the ratio was 93.3%, compared with 84.0% a year earlier.
The company also announced two new revenue agreements. One existing performance suite client signed a contract for an advanced imaging solution covering about 4.5 million lives across commercial, Medicaid and Medicare lines of business, with a planned third-quarter go-live. Separately, a national payer client is expanding its oncology and cardiology solution into several new markets, a move Evolent said is expected to generate more than $200 million in annual revenue, also targeted for a third-quarter launch. As a result of these announcements, the company's shares have moved -1.66% on the market, and are now trading at a price of $3.845. For more information, read the company's full 8-K submission here.
